Why Did Bitcoin (BTC) Rise and Will It Continue to Rise?
The last few months in the crypto market have passed with a lot of lies, bans and FUD news until the end of September. That's why Bitcoin has had a very volatile few months and has strengthened its immunity to FUD news during that time. With the start of October, it made a big jump and gained approximately 24% in a week.
They put pressure on the cryptocurrencies of some countries, especially China, which led to an increase in FUD news. Some countries have even placed bans on some centralized platforms in the crypto market. Similarly, it stopped working on these platforms in those countries, especially in China. In early October, Federal Reserve Chairman Jerome Powell made it clear in a statement that he has no plans for a Chinese-style crackdown on cryptocurrencies and no plans to impose a ban on cryptoassets. After this statement, the crypto markets moved positively and many cryptocurrencies, especially Bitcoin, made a big leap.
One of the most important reasons for Bitcoin's rapid rise was the statement made by Federal Reserve Chairman Jerome Powell. But I think this visible side is more important than the invisible side. FUD and ban news negatively affect many investors, especially non-professional investors. But professional investors don't care too much about FUD and ban news anymore. The most important reason for this is the recent incredible increase in decentralized platforms. In particular, Decentralized Finance (DeFi) and Decentralized exchange (DEX) have proliferated recently and it seems they will continue to increase rapidly. Just as decentralized currency cannot be banned, it is not possible to ban decentralized platforms.
In other words, no matter which country you are in, you cannot be prevented from trading in the crypto market as long as the internet is not banned. Professional investors in the crypto market are aware of this, so FUD and ban news do not affect them much. But of course, these news have a negative impact on the markets, but they can no longer prevent the future of the crypto market. If the number of centralized platforms were not so many, perhaps Bitcoin could have fallen below $10,000 as in the past. But decentralized platforms prevented this. In short, I think the biggest reason why crypto markets are stronger is decentralized platforms.
In addition, US Securities and Exchange Chairman Gary Gensler stated at Wednesday's hearing that his agency does not have the authority and does not intend to ban digital assets. This statement was received positively in the markets. In addition, the increasing interest of large companies and wealthy investors in the crypto market has a positive effect on the crypto markets. That's why the world's largest banks and financial institutions are entering the crypto market and working to enter it. They also clearly state their clients' interest in the crypto market.
Bitcoin is currently trading at $54,209. Although it has decreased a little compared to yesterday, it signals that the upward trend can continue. It is trying to create support prices above $54,000 after its last rise and it looks like it will continue to rise after these support prices are formed. The most important resistances are at $54,540 and $55,070. If it can overcome these levels, it can move higher. If it falls back, the most important support is at $53,830. But according to the current data, it shows that it wants to go higher.
The interest of giant companies and wealthy investors in the crypto market is increasing day by day. In addition, the authorities in the countries make positive statements about the crypto markets. In addition, when we think that the crypto markets are stronger than before, we can see that this rise is normal. The most important reason for this rise and power is decentralized platforms. centralized currency can be banned, centralized platforms can be banned, centralized crypto exchanges can also be banned. But no one can ban a decentralized currency and decentralized platforms. Therefore, decentralized platforms such as DeFi and DEX should increase more in the crypto market. It looks like it will continue to increase.
Finally, I would like to point out that many cryptocurrencies, especially Bitcoin, have not made a big leap yet. Currently, many cryptocurrencies, especially Bitcoin, Ethereum, Binance Coin, HIVE, are regaining what they lost in the last months. I think they will make bigger jumps when they return to their old prices. I think Bitcoin could surpass $80,000 by the end of this year. The increase of Bitcoin adds a positive atmosphere to the crypto markets, but I would like to point out that altcoins are stronger against Bitcoin than before. In other words, I think altcoins will start a faster rise in the coming days.
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